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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Reconciliation of Balances of Pension Benefit Obligation and Fair Value of Plan Assets A reconciliation of the beginning and ending balances of the pension benefit obligation and fair value of plan assets and the funded status of the plan is as follows (in millions):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Change in pension benefit obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

279.4

 

 

$

290.6

 

Service cost

 

 

0.5

 

 

 

0.5

 

Interest cost

 

 

6.8

 

 

 

6.4

 

Net actuarial gain

 

 

(58.7

)

 

 

(2.8

)

Benefits paid

 

 

(16.1

)

 

 

(15.3

)

Benefit obligation at end of year

 

$

211.9

 

 

$

279.4

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

282.3

 

 

$

262.8

 

Actual (loss) return on plan assets

 

 

(53.7

)

 

 

34.8

 

Contributions by the company

 

 

—

 

 

 

—

 

Benefits paid

 

 

(16.1

)

 

 

(15.3

)

Fair value of plan assets at end of year

 

$

212.5

 

 

$

282.3

 

Funded status of the plan (underfunded)

 

$

0.6

 

 

$

2.9

 

Amounts recognized in the consolidated balance sheet
   consist of:

 

 

 

 

 

 

Noncurrent assets - accrued benefit liability

 

$

0.6

 

 

$

2.9

 

Accumulated other comprehensive income

 

 

54.2

 

 

 

42.5

 

Net amount included in retained earnings

 

$

54.8

 

 

$

45.4

 
Components of Net Periodic Pension Benefit Cost and Other Changes in Plan Assets and Obligations Recognized in Earnings and Other Comprehensive Earnings

The components of the net periodic pension benefit cost for the plan and other changes in plan assets and obligations recognized in earnings and other comprehensive earnings consist of the following (in millions):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Net periodic pension cost:

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.5

 

 

$

0.5

 

 

$

0.8

 

Interest cost on benefit obligation

 

 

6.8

 

 

 

6.4

 

 

 

8.0

 

Expected return on plan assets

 

 

(19.1

)

 

 

(17.7

)

 

 

(16.4

)

Amortization of net loss

 

 

2.4

 

 

 

5.9

 

 

 

6.2

 

Net periodic benefit income

 

 

(9.4

)

 

 

(4.9

)

 

 

(1.4

)

Other changes in plan assets and obligations recognized
   in other comprehensive earnings:

 

 

 

 

 

 

 

 

 

Net loss (gain) incurred

 

 

14.1

 

 

 

(19.9

)

 

 

4.7

 

Amortization of net loss

 

 

(2.4

)

 

 

(5.9

)

 

 

(6.2

)

Total recognized in other comprehensive income (loss)

 

 

11.7

 

 

 

(25.8

)

 

 

(1.5

)

Total recognized in net periodic pension cost and other
   comprehensive income (loss)

 

$

2.3

 

 

$

(30.7

)

 

$

(2.9

)
Weighted Average Assumptions of Pension Benefit Obligation and Net Periodic Pension Benefit Cost

The following weighted average assumptions were used at December 31 in determining the plan’s pension benefit obligation:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Discount rate

 

 

5.25

%

 

 

2.50

%

Weighted average expected long-term rate of return on plan assets

 

 

7.00

%

 

 

7.00

%

The following weighted average assumptions were used at January 1 in determining the plan’s net periodic pension benefit cost:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Discount rate

 

 

2.50

%

 

 

2.25

%

 

 

3.00

%

Weighted average expected long-term rate of return on plan assets

 

 

7.00

%

 

 

7.00

%

 

 

7.00

%
Schedule of Benefit Payments Expected to be Paid by Plan

The following benefit payments are expected to be paid by the plan (in millions):

 

2023

 

$

17.1

 

2024

 

 

17.1

 

2025

 

 

17.3

 

2026

 

 

17.3

 

2027

 

 

17.3

 

2028 to 2032

 

 

81.9

 
Summary of Plans Weighted Average Asset Allocations

The following is a summary of the plan’s weighted average asset at December 31 by asset category:

 

 

 

December 31,

 

Asset Category

 

2022

 

 

2021

 

Equity securities

 

 

62.0

%

 

 

60.0

%

Debt securities

 

 

31.0

%

 

 

32.0

%

Real estate

 

 

7.0

%

 

 

8.0

%

Total

 

 

100.0

%

 

 

100.0

%
Summary of Plan's Assets Carried at Fair Value

The following is a summary of the plan’s assets carried at fair value as of December 31 by level within the fair value hierarchy (in millions):

 

 

 

December 31,

 

Fair Value Hierarchy

 

2022

 

 

2021

 

Level 1

 

$

—

 

 

$

—

 

Level 2

 

 

112.9

 

 

 

158.1

 

Level 3

 

 

99.6

 

 

 

124.2

 

Total fair value

 

$

212.5

 

 

$

282.3

 
Reconciliation of Beginning and Ending Balances for Level 3 Assets of Plan Measured at Fair Value

The following is a reconciliation of the beginning and ending balances for the Level 3 assets of the plan measured at fair value (in millions):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Fair value at January 1

 

$

124.2

 

 

$

121.0

 

Settlements

 

 

(1.5

)

 

 

(15.2

)

Unrealized (loss) gain

 

 

(23.1

)

 

 

18.4

 

Fair value at December 31

 

$

99.6

 

 

$

124.2